Pulse Market Update
Salvador Potter, Chief Executive of PGRO comments: "In the twenty-one months since I joined PGRO, I have witnessed an extraordinary turnaround in the fortunes of the pulse markets. In the words of one grower, ’pulses are racing’, particularly for those growers who managed 6-7 tonnes/ha last year and have made returns well up with milling wheats.
"Strong trading in beans has continued through February, and prices remained steady despite falling wheat values. This can only help bring new buyers into the market.
"The latest Defra census figures, for December, show that the sown area of winter beans has increased by 28% from 2007 to 87,000 ha. PGRO had predicted 80,000 and the same acreage for spring beans. By all accounts, spring planting could be higher still after the difficult conditions last autumn prevented some bean planting. For peas we are hoping for an increase to 40,000 ha. Some vining peas and spring beans have already been sown."
Feed Beans Ex-farm prices have further strengthened to £140+ with interest from Italy and a weak pound. Feed compounders in UK are taking a greater interest as well.
Export Beans Egypt has bought several boatloads from the UK and France, and there are 40-50,000 tonnes on their way. There is no news of local supply in Egypt, but demand for imports from Europe is likely to continue for some months. Prices are £160 ex-Farm.
Marrowfats No news since last month. The crop is traded out and Far East customers disappear when the price is mentioned. They are taking interest in blue peas as a substitute. Any old crop stocks should be brought forward to take advantage of the current prices.
Blue Peas Most buyers for human consumption have sufficient supplies to take them through to the new crop, which will be mainly of North American origin. Currency, however, will make UK sources very competitive this year, and prospects are again very good if reasonable seed supplies can be obtained. Interest at our meetings remains high enough to justify our 40,000 ha projection for 2009.
Yellows Another crop that is traded out, with the same premiums now as blue peas.
Agronomy notes The abrupt stopping of drilling winter beans last autumn because of the wet conditions forced some growers to delay planting until January.
Winter varieties planted in the new year will still mature at about the same time as normal but, because they will not branch so readily, the yield potential is 10 – 15% lower than an equivalent autumn planting date.
Drilling of spring beans began around February 24th on the lighter soils but, in the main, it will be a week or two before the heavier-bodied soils are dry enough. It is essential that peas are not forced into wet, cold seed beds where soil consolidation can occur and result in rooting problems later on.
